What is a managed service, and will it impact my bottom line?

Question

Answer

A managed service is designed to remove as much stress as possible from a landlord, with your letting agent taking on all of the tasks that you would usually have to shoulder!

The Urban.co.uk fully managed service includes:
Finding your tenant
Marketing your property until a suitable tenant is found
Carrying out tenant referencing and Right to Rent, to determine the suitability of the prospective tenant
‘Pre-move in’ preparation
Preparing the Tenancy Agreement
Collecting the deposit and one month’s rent in advance
Holding the tenant’s deposit in accordance with the Tenancy Deposit Protection Scheme
Preparing inventories and Schedules of Conditions
Handling gas safety certification
Pre tenancy maintenance
Contacting utility suppliers regarding meter readings and tenancy details
Ongoing management
Receiving rent from your tenant and paying it promptly in to your account via BACS
Looking after your property and tenant throughout the tenancy
Managing reported maintenance issues and arranging repairs as required
Handling emergency maintenance issues if required
Tenancy renewal and negotiation of rental increases

End of tenancy
Service notices if required
Full check out & Inventory update at the end of the tenancy
Deposit reconciliation

Whilst there is a fee for the service, this is negligible compared to the costs that can rack up should you fail to carry out any of the required tasks

There is so much legislation surrounding the private lettings market, and failure to comply with requirements such as gas safety, or Right to Rent can carry fines of thousands of pounds – far pricier than a managed service!

There is no definite way to say if a managed service is right for you, but if you are time poor, or you have invested in properties that may be some why away from where you live, and you are unsure if you are going be able to manage your property portfolio, it could be the ideal option for you!

For more information on the Urban.co.uk managed service, contact the team today.